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Neuberger Berman High Yield Strategies Fund

(NYSE American: NHS)

NHS is a non-diversified, closed-end fund investing in the high yield debt securities market.

  • At least 80% of the Fund will be invested in below investment grade (high yield) debt securities (including corporate loans) of US and foreign issuers.
  • The Fund may invest up to 20% of its managed assets in other securities.
  • The Fund will attempt to maintain an average (dollar-weighted) portfolio quality of B/B to Ba/BB, with less than 20% of the Fund’s portfolio composed of securities rated Caa/CCC or lower.
  • The fund can utilize leverage through the issuance of preferred stock, privately placed notes and privately placed perpetual preferred shares.

Section 16 Filings*
Fund Goverance
Fund Holdings

Portfolio Managers (left to right): Patrick Flynn, Thomas O’Reilly, Russ Covode, Daniel Doyle and Joe Lind (not pictured)



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Management Team

Thomas O’Reilly, CFA

Portfolio Manager

30 Years of experience

22 Years with firm


Russ Covode

Portfolio Manager

31 Years of experience

15 Years with firm


Dan Doyle, CFA

Portfolio Manager

35 Years of experience

7 Years with firm


Patrick Flynn, CFA

Portfolio Manager

27 Years of experience

13 Years with firm


Joe Lind

Portfolio Manager

1 Year with firm


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In general, the value of the Fund’s investments can decline when market interest rates rise and, conversely, the value of the Fund’s investments can rise when market interest rates decline. High-yield bonds, also known as “junk bonds,” are considered speculative and carry a greater risk of default than investment-grade bonds. Their market value tends to be more volatile than investment grade bonds.

Shares of closed end funds frequently trade at a discount of their net asset value in the secondary market and the net asset value of the closed-end shares may decrease. Closed-end funds are subject to various risks, including management’s ability to meet the Fund’s investment objective and to manage the Fund’s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. The investment return and principal value of an investment will fluctuate so that the shares may be worth more or less than their original cost.